Irving office building to be sold out of bankruptcy

Irving office building to be sold out of bankruptcy

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A Dallas investor is buying another of the office buildings up for grabs with the bankruptcy of a Houston real estate firm.

Hartman SPE is selling its office and retail properties as part of a plan to refocus the real estate investment trust on self-storage properties.

The unit of Houston’s Silver Star Properties REIT has been in bankruptcy since this summer following a dispute with the company founder.

Hartman recently contracted to sell one of its North Dallas high-rises — a 10-story office on North Central Expressway — to retailer Costco which owns the property next door.

And the bankrupt firm has contracted to sell an office building it owns in Irving to a limited liability corporation represented by the Good Cos., according to court records.

The investor has agreed to pay $12.5 million for the Westway One office building at 1707 Market Place Boulevard near Interstate 635.

Built in 2001, the three-story building contains more than 170,000 square feet. Hartman has owned the building since 2018.

Tenants in the building include CEC Entertainment, Pei Wei Asian Diner LLC and Lennar Homes.

The building was most recently valued for taxes at $20.6 million.

“I believe that the debtor is unlikely to receive a higher or better offer, the purchase agreement represents the best offer obtainable at this time and under current market conditions, ” Hartman SPE president David Wheeler said in the court filing.

CBRE Group marketed the property for sale on behalf of Hartman SPE.

Along with the contract to sell the Irving building and the pending sale to Costco of the North Dallas tower, the bankruptcy court approved Hartman’s sale of the Gateway tower at 8111 LBJ Freeway for $14.1 million to Hamilton Commercial LLC. The 15-story high-rise at the northwest corner of LBJ and U.S. 75 was built in 1982 with 266,000 square feet.

Hartman in October sold the Prestonwood Park shopping center in Plano.

At the start of this year, Silver Star owned 44 commercial properties with almost 7 million square feet in Dallas, Houston and San Antonio.

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